# Bank of Mum and Dad
## English
### Proper noun

the Bank of Mum and Dad
* Alternative letter-case form of bank of mum and dad.
** 2004, Karla Fitzhugh, “[Money] Debt”, in The Virgin University Survival Guide, London: Virgin Books, →ISBN, page 125:Borrowed money isn’t your money – you have to pay it back eventually, plus interest (unless it’s a private loan from the Bank of Mum and Dad).
** 2005, Sean Coughlan, “[Tuition fees: 2006 and all that] Student responsibility”, in The Student Finance Guide: Fees, Grants and What It Costs, London: Kogan Page, →ISBN, part 1 (University challenge), page 24:The fees might be higher, but they’re going to be repaid out of the earnings of the student after they’ve left university or college, rather than borrowed from the Bank of Mum and Dad.
** 2007, Liam Croke, “Fifty Tips that Will Help to Save You Money”, in Your Money – Your Life: Managing Your Finances in Today’s Ireland, Dublin: Currach Press, →ISBN, page 113:Teach your children the value of saving / This will help them – and you –later in life when they won’t have to come back all the time to the Bank of Mum and Dad.
** 2009, Anita Naik, “The scary stuff”, in The Lazy Girl’s Guide to the High Life on a Budget, London: Piatkus, →ISBN, page 189:Are you guilty of making constant withdrawals from the Bank of Mum and Dad? If so, you’re not alone! Statistics show that more than 50 per cent of parents are seeing their savings ‘plundered’ by their cash-strapped children.
** 2010, Phil Spencer, “What Adding Value Really Means”, in Adding Value to Your Home, London: Vermilion, →ISBN, page 8:But two years after purchasing the £194,000 flat with their £10,000 wedding present subsidy from the Bank of Mum and Dad, Lucy, now 35, discovered she was expecting their first child.
** 2010 December, Derek Fletcher, “Agent speaks”, in Fiona Keating, editor, WestSide, London: Archant Life, page 84, column 2:Strict lending criteria are preventing many first-time buyers from being able to get a foot on the property ladder without considerable help from the ‘Bank of Mum and Dad’!
** 2011 May 25, Marc Da Silva, “Take your ‘First Steps’ onto the housing ladder”, in Southend, Leigh, Shoebury Yellow Advertiser, page 57:The majority of Londoners continue to aspire to eventually owning their own home, but without access to the ‘Bank of Mum and Dad’ it is increasingly difficult for many would-be purchasers.
** 2012, Anthony Vice, “Which Flavour Mortgage?”, in Beating the Squeeze: Financial Planning During a Recession (Emerald Financial Planning), Brighton: Emerald, →ISBN, page 20:For many people, this points to the Bank of Mum and Dad, where the parents give or lend the money or-rather more sophisticatedly supply a guarantee.
** 2012 April, Rose Holden, “Competition time”, in Lorraine Crighton-Smith, editor, SW, number 274, London: Archant, page 248, columns 1–2:Despite heart-warming tales in the press of how first-time buyers are struggling and will never be able to save up enough for a deposit to afford their first homes, we’ve seen an increase in pioneer purchasers. Some are finding ways round their problems and getting assistance from the ‘Bank of Mum and Dad’, who realise that their money isn’t doing a lot just sitting in the bank.
** 2012 September/October, “FirstBuy: A Helping Hand to Get You on the Ladder”, in Suzanne Boyce, editor, homefocus, Maidstone, Kent: Graid Publications, →ISSN, page 44, column 1:After five years, there’s a small interest charge on the equity loan which increases a little each year. Think of the equity loan as a kind of ‘virtual deposit’ – a bit like a loan from the ‘Bank of Mum and Dad’! You know you have to pay it back eventually, but it’s just what you need to get you on the ladder.
** 2013, Tony Dolphin, “[Young people’s money] Young people and savings: A route to improved financial resilience”, in Cara Acred, editor, Understanding Finance (Issues; 250), Great Shelford, Cambridgeshire: Independence Educational Publishers, →ISBN, page 27, column 1:The need for bigger deposits means young people are likely to struggle to get on the housing ladder without help from the ‘Bank of Mum and Dad’, which may not be able to provide sufficient funds for those on the lowest incomes.
** 2013 December 18, “The Bank of Mum and Dad rules OK!”, in Newmarket News (Cambridge News), page 38, column 3:Almost half (47 per cent) of the region’s young drivers questioned in the study said they rely on the Bank of Mum and Dad to cover running costs and motor insurance to the tune of £48.30 a month. […] James Hillon, director of general insurance at the Co-operative Insurance, said: “The prohibitive cost of running a car means that young drivers are heavily reliant on the Bank of Mum and Dad, not only to help them buy a car, but to keep it on the road too. […]”
** 2014, Matthew Cross, “To Pay or Not to Pay”, in The Intern’s Manifesto: How to Survive Your First Ever Office Job, London: Portico, →ISBN, page 95:65 per cent of all interns surveyed still relied on financial assistance from the Bank of Mum and Dad.
** 2014, Philip Newbold, “Rural Durham home mixes thoughtful design & passive aims”, in Jeff Colley, editor, Passive House Plus, UK edition, number 8, Dublin: Temple Media Ltd., →ISSN, page 36, column 3:We originally planned to build without a mortgage but in the end we needed £65,000 from the Ecology Building Society and £10,000 from the Bank of Mum and Dad just to make the house complete enough to live in.
** 2014 November 6, John Corser, quoting Brandon Lewis, “Help to Buy puts 1,200 into home ownership”, in Wolverhampton Chronicle, Wolverhampton, page 25, column 2:Over 54,000 new homeowners have now used the schemes as a valuable alternative to the Bank of Mum and Dad, enabling them to buy with a fraction of the deposit they would normally require.
** 2015, Cathy Bramley, chapter 13, in Appleby Farm, London: Corgi Books, →ISBN, page 131:I sighed. Two thousand pounds. If only the farm’s debts were so small. Add a nought, double it, then add some more . . . / ‘Ah well, it’s only money. She giggled. ‘But to answer your question. I suppose I’d go to the Bank of Mum and Dad.’ / ‘Oh no.’ I shuddered. ‘I can’t do that.’ Even the thought of asking my parents for money made my scalp prickle.
** 2015 June 18, Ian Plumb, “Is the Epsom Property Market in crisis?”, in Epsom Guardian, Newsquest Media Group, page 36, column 1:Buy to let landlords can find tenants because young people say they cannot afford a deposit to buy unless they inherit money or are given a loan from the Bank of Mum and Dad.
** 2016, Ian Hislop, editor, Private Eye Annual 2016, London: Private Eye Productions Ltd, →ISBN, page 26:“Of course you can have some help from the Bank of Mum and Dad, just as soon as we’ve had a word with the Bank of Grandma and Grandad”
** 2016 April 28, Paul Demarty, “Rising to the heights and beyond”, in Weekly Worker, number 1104, page 7, column 4:One of the (admittedly less malign) effects is to reduce the space formerly available for people to practice their craft instead of ‘getting a real job’. Those who wish to live at the edges of society will find those edges rougher. The result is that these outsiders will be more easily dwarfed by industrial and state-sponsored culture even than they are now; and the composition of such strata of society will become even more skewed towards the scions of the middle class, who can supplement the starvation stipend of jobseekers allowance with loans from the Bank of Mum and Dad.
** 2016 May 18, Vicky Shaw, “Move Now, First-Time Buyers Told: First-Time Buyers May Get a Much-Needed Window of Opportunity in the Coming Months”, in View from Dorchester, number 502, Lyme Regis, Dorset: Capital Media Newspapers Ltd, page 31, columns 1–2:There's one lender though that still seems to be vital to many would-be homeowners' plans: the Bank of Mum and Dad. […] A report from Legal & General and economics consultancy Cebr has predicted that the Bank of Mum and Dad will be involved in a quarter (25%) of all property transactions taking place in the UK market this year. The report expects that this year, 300,000 people buying a home will have been helped by family and friends, with the average contribution from the Bank of Mum and Dad at £17,500 - or 7% of the typical purchase price. […] Barclays has just announced that first-time buyers can take out one of its 'family springboard' mortgages without needing any deposit - but here again the Bank of Mum and Dad is also key.
** 2017, Carole Matthews, chapter 6, in Paper Hearts & Summer Kisses, London: Sphere, →ISBN, page 34:‘Everywhere down here is expensive.’ I’m glad that I was able – with a little help from the Bank of Mum and Dad – to buy Liam out of our house. It might be a tiny house that desperately needs some money spent on it, but it’s my tiny house.
** 2017, Liam Halligan, Gerard Lyons, “Housing and young people”, in Clean Brexit: Why Leaving the EU Still Makes Sense – Building a Post-Brexit Economy for All, London: Biteback Publishing, →ISBN, part IV (The UK after Brexit), page 230:As house prices spiral way ahead of wages, more and more youngsters – even those holding down professional jobs – are being priced out. Over half of the first-time buyers in 2015 had assistance from ‘the Bank of Mum and Dad’, rising to two thirds in London and the south-east.
** 2017, Peter Fleming, “Why Homo Economicus had to Die … Over and Over Again”, in The Death of Homo Economicus: Work, Debt and the Myth of Endless Accumulation, London: Pluto Press, →ISBN, page 95:For those lucky enough to have parents who accumulated capital before the ‘big squeeze’ occurred, they’re able to get interest-free loans from the ‘Bank of Mum and Dad’.
** 2017 February 8, Sajid Javid, Housing White Paper – Fixing our Broken Housing Market‎:Without help from the “Bank of Mum and Dad”, many young people will struggle to get on the housing ladder.
** 2017 October 2, Stefano Hatfield, “Young home buyers need more help”, in i, number 2,139, page 18:For many young people, the idea of raising any mortgage, plus stamp duty, from which they are no longer exempt, is risible – not without help from the Bank of Mum and Dad.
** 2018 June 28, “Bank of mum and dad still open for business”, in Epsom Guardian (South London Guardian), Sutton: Newsquest (London) Ltd, page 21, columns 1–3:Lending from the ‘Bank of Mum and Dad’ is now needed for 1 in 4 housing transactions in the UK, as young buyers increasingly rely on financial support from their parents to get onto the property ladder. According to the latest research and forecasts from Legal & General and the Centre for Economics and Business Research, it is estimated that 27 per cent of buyers will receive help from friends or family this year, with the Bank of Mum and Dad (BoMaD) lending the equivalent of £5.7 billion alone. […] While securing funding from the Bank of Mum and Dad is a popular way for millennials to meet stricter mortgage criteria and cope with rising property prices, fresh results suggest that it may not be the most affordable method of borrowing. […] Nigel Wilson, Group Chief Executive at Legal & General, said: “The Bank of Mum and Dad remains a prime mover in the UK housing market, and will lend the best part of £6 billion to buyers this year, with over 315,000 transactions being underpinned by parental help. […] “The fact that in 2018, 1 in 4 housing transactions in the UK will be dependent on the Bank of Mum and Dad, while hard-pressed parents are finding it more difficult to provide the funds to help their family with deposits, will further exacerbate the UK’s housing crisis. […]”
** 2018 November 22, Alex Neill, “Ready to move on up?”, in Alan Woods, editor, Harlow Star, Chelmsford, Essex: Local World, page 49, column 1:Affordability is an issue. They may have borrowed all they can from the Bank of Mum and Dad – parents may need the cash or they simply don’t have any more to lend.
** 2019, Malcolm McLean, “Life Ain’t Easy”, in Freak Like Me: Confessions of a 90s Pop Groupie, RedDoor, →ISBN, page 57:I begrudgingly made it to the end of the week though, earning my £9 for what equated to be less than 80p an hour. Screw this! I opted instead to resort to the Bank of Mum and Dad with their weekly £6 pocket money hand-outs – I’d just have to make do with those tired old T-shirts for a bit longer.
** 2020 June 23, Dave Lee, “[Prospering in the pandemic: the top 100 companies] 9. PayPal”, in Financial Times, London: The Financial Times Ltd., →ISSN, →OCLC, page 7/55:PayPal facilitated the transfer of more than $1bn in federal loans as part of the US Small Business Administration’s Paycheck Protection Program. Its money transfer app Venmo was popular, pre-coronavirus, for friends settling dinner bills. Now, the company says, it is witnessing larger, cross-generational transfers — such as socially-distanced withdrawals from the Bank of Mum and Dad — and increased usage for paying for goods and services that might otherwise have been paid for with cash.